Best-selling author and one of the world’s foremost bitcoin and open blockchain expert Andreas Antonopoulos explains why he’s against Bitcoin ETF in his latest YouTube Q&A video. Earlier, criticism against the crypto-exchange-traded funds was made also by the famous cryptographer and pioneer in the field of smart contracts, Nick Szabo
Crypto-currency exchange-traded funds (ETFs) can provoke a wave of manipulation in the market and have a negative impact on the exchange rates of digital currencies. This opinion was expressed by the famous bitcoin-evangelist Andreas Antonopoulos.
According to him, he understands the desire of many representatives of the community to see the launch of Bitcoin-ETF, since in the past many other exchange products that received such a tool were growing at a fast pace.
“I know that many people want to witness the approval of ETF, because then there will be a native, Lambas and everything else. But I think it’s a terrible idea. I’m against the ETF, although I think it will happen” says Antonopoulos.
He also believes that the actions of institutional investors in the ETF-market will affect the courses of the whole country, as it is a “market with global liquidity”, drawing attention to the fact that investors in ETF do not have the same rights and duties as holders of the most crypto currency.
“They can not use their means to vote on forks affecting important aspects of the bitcoin ecosystem, which will make it easier for ETF organizers to conduct their own forks and attract already familiar investors. The scenario described will mean a deeper centralization of bitcoin, which can be used not only by manipulators, but also by governments that disapprove of the growth in the popularity of crypto currency, ” he concludes.